Central Bank of Nigeria Extends Validity of Old Naira Indefinitely

The Central Bank of Nigeria has made it clear that it plans to keep the old N200, N500, and N1,000 notes as a legal tender for an indefinite period.
Old and New Naira Notes
Old and New Naira NotesFacebook

The bank expressed its desire to ensure that the old naira notes don't have an expiry date, and it's actively collaborating with relevant authorities to overturn the existing court ruling on the matter.

In a statement released on Tuesday and signed by the Director of Corporate Communications, Isa AbdulMumin, the bank promise to allow the old design naira banknotes as legal tender without any time constraints in a statement, titled 'CBN To Allow Old Design Naira Banknotes as Legal Tender, Ad Infinitum'.

The statement read, “Without prejudice, the Central Bank of Nigeria wishes to inform the general public of its desire to extend the legal tender status deadline of the old design of N200, N500 and N1,000 denominations; ad infinitum.

“This is in line with international best practices and to forestall a repeat of earlier experiences. Thus, all banknotes issued by the Central Bank of Nigeria, in accordance with Section 20(5) of the CBN Act 2007, will continue to remain legal tender, ad infinitum. even beyond the initial December 31, 2023, deadline.

“The Central Bank of Nigeria is working with the relevant authorities to vacate the subsisting court ruling on the same subject. Accordingly, all CBN branches across the country will continue to issue and accept all denominations of Nigerian banknotes, old and redesigned, to and from deposit money banks...

This marks the third time the CBN has spoken out about naira notes recently. In the previous month, it made it clear that there's no shortage of naira in the country. Following that, it declared that every banknote remains legal tender and should not be turned away by anyone.

The apex bank found itself addressing the naira situation after a Supreme Court ruling in March directed the CBN to allow old N200, N500, and N1,000 notes to continue as legal tender until December 31, 2023.

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